Former President Donald Trump’s pick of Sen. JD Vance (R-Ohio) as his running mate is a sign that Silicon Valley is becoming more influential in Republican Party politics — and that Wall Street’s influence in the GOP is waning, according to a report.
If Trump wins the White House, tech executives are expected to have greater influence during his second administration while Wall Street financiers take a back seat.
“Wall Street is key to the party, and will always have a critical role,” Ed McMullen, a top fundraiser for the Trump campaign who also served as former ambassador to Switzerland, told The Wall Street Journal on Monday.
“But tech and new entrepreneurs are rapidly inserting themselves through giving and advising, and the choice of Vance reflects that Trump recognizes this shift.”
A select group of billionaires in Silicon Valley, which has traditionally backed Democratic candidates, has thrown its support behind Trump during this election cycle.
Prominent venture capitalists including Marc Andreessen and Ben Horowitz as well as Sequoia Capital investor Doug Leone pledged large donations to political action committees backing Trump’s campaign.
Tesla CEO Elon Musk recently announced that he would be giving monthly payments of $45 million to a super PAC supporting Trump.
PayPal mogul David Sacks, the Winklevoss twins and former Facebook executive Chamath Palihapitiya have also said they’re all in for Trump.
Vance, the 39-year-old Marine veteran whose memoir, “Hillbilly Elegy,” was turned into a Netflix movie, worked as a junior venture capitalist and a biotech executive in Silicon Valley before entering politics.
During his tech career, Vance forged connections with billionaire angel investor Peter Thiel as well as Sacks and Musk.
Trump’s decision to pick Vance was an act of defiance in the face of calls from traditional GOP donors to shun the senator from Ohio, particularly due to his past praise for President Biden’s pick to head the Federal Trade Commission, Lina Khan.
Khan has drawn the ire of Wall Street with her aggressive moves to crack down on alleged antitrust violations by large tech companies including Amazon, Google and Meta.
Thiel, a longtime GOP donor and Trump supporter, is reported to have lobbied the former president to pick Vance.
Other Republicans wanted Trump to select someone perceived as more pro-business, such as North Dakota Gov. Doug Burgum.
The Post has sought comment from Vance and Trump.
